Iran’s Deputy Oil Minister Hadi Nejad-Hosseinian told reporters today that there are no obstacles in the way of US companies doing business in the Islamic state’s oil and gas industry.

Iran has long been on the US list of terrorist-supporting nations and President Bush has identified its nuclear program as a top-tier national security concern. US sanctions prohibit a wide range of transactions with Iran, and require US officials to oppose new World Bank lending to the country.

According to Hosseinian, US firms have sustained significant losses due to the American sanctions imposed against Iran. Last week, US oil major ConocoPhillips ended its operations in Syria and Iran after a New York City official requested the company examine its ties with “terrorist-linked countries.” — (menareport.com)